Alveena Ahmad
Taxes, accounting, billing, and receipts.
Not precisely what you intended to do as a freelancer, is that right? These aren’t exactly words that evoke joy and excitement, are they? When you first started your side business, all you knew was that you wanted to do something you enjoyed and were passionate about for a living.
But anyone who works a side gig in addition to their regular job, or even goes so far as to pursue their side hustle full-time, understands how important it can be to have your finances for tax purposes. In addition to being taxing, knowing your income and expenses enables you to set quantifiable goals for your freelance endeavors and, in the long run, quit your full-time job entirely.
However, it can be a stressful process that you frequently find yourself putting off when you have a lot of other pressing matters on your mind, particularly if accounting is not your strong suit. Here are five useful AI tools to monitor the money from your side gig:
1. Dext
This tool assists you in automating your accounting process. Additionally, Dext offers a unique feature for freelancers who conduct e-commerce, in case you own an Etsy store or sell goods on eBay. When keeping track of costs and receipts and extracting important data, boosts productivity and saves you significant time.
2. Booke AI
This intriguing app learns from your categorization patterns using GPT-4, and it utilizes the information to continuously enhance its transaction segmentation. It has a simple integration with other well-known accounting programs like Xero or Zoho Books. It also has a helpful AI assistant that can help you find and address discrepancies and offer reconciliation guidance.
3. TurboTax
Through assistance with filing, TurboTax is renowned for helping professionals resolve their tax-related problems. Additionally, TurboTax Live is a helpful feature that allows you to receive assistance from both human experts and an AI-powered “Intuit Assist.”
4. QuickBooks Self-Employed
QuickBooks Self-Employed is a unique feature designed for individuals who do not operate as large business entities but may be self-employed as freelancers or contractors. Among its many useful features, this tool assists you in organizing your spending, integrating it with your bank account, and performing the calculations necessary to determine your estimated quarterly taxes.
5. FreshBooks
Another great option for independent contractors managing their company’s finances is FreshBooks, which also includes time-tracking features to help you get the most out of your work. For independent contractors and self-employed individuals, they provide two distinct options that you can utilize. Naturally, take your time going over both features to make sure you have the best fit for your side project’s requirements.
Conclusion:
Selecting the best freelance accounting software can significantly cut down on the amount of time you spend on administrative tasks, freeing you up to concentrate on the things you truly enjoy doing. You can position your side business for success and feel secure in the knowledge that your finances are well taken care of by automating some of your processes with some of the above-mentioned tools.
